Monday, 15 October 2018

What to Watch: Global stocks drop, Saudi Arabia under pressure, Nissan delays UK pay talks.

European stock markets continued to decline on
Monday after sharp falls last week.
Photo: Alex Kraus/Bloomberg/Getty Images

Here’s a daily overview of some key companies and business developments that the Yahoo Finance UK team is monitoring in Europe and abroad:

Global stocks keep dropping

European shares have failed to rebound on Monday after a deeply negative week. A flurry of threats such as trade wars, rising US bond yields, a slowdown in China and Brexit continue to weigh on markets.

Most of the key European indices are dropping by roughly 0.5% in morning trading, with companies including Airbus (AIR.PA) and Kering (KER.PA) down by about 2% and 3%, respectively. This comes after many major Asian indices locked in losses in excess of 1% on Monday.

By Alanna Petroff.
Full story at Yahoo News.

Friday, 12 October 2018

Nigeria receives a boost from Facebook to help fight fake news ahead of 2019 elections.

Nigerian Muhammadu Buhari and
Mark Zuckerberg at the statehouse, Abuja

Lai Mohammed, Nigeria's Minister of Information and Culture says Facebook is ready to support the country in the fight against fake news.

The Nigerian government has received a boost from the giant social networking platform, Facebook, to help fight fake news in the populous African nation.

Lai Mohammed, Nigeria's Minister of Information and Culture, stated this when he visited Daar Communications, owners of AIT and Raypower, in Abuja on Tuesday, October 9, 2018.

The visitation was in furtherance of the National Campaign Against Fake News in the country and coming less than 5 months to the general elections.

By Aderemi Ojekunle.
Full story at Pulse NG.

Thursday, 11 October 2018

SA slides down economic freedom index, loses post-democratic gains.

South Africa’s long-term slide down the Economic Freedom of the World index - to number 94 out of 162 countries - shows that the government has overseen the regression of economic freedoms and prosperity, says the Free Market Foundation.

The Free Market Foundation remarked that the slide down the index, produced annually by Canada’s Frasier Institute, placed South Africa in the bottom half among the world’s freest and most prosperous economies.

South Africa is currently in a technical recession and proposed legal reforms such as a bill from the Economic Freedom Fighters to nationalise the South African Reserve Bank have investors on alert for any drastic changes in South Africa's finance sector.

Full story at Fin24.
By Khulekani Magubane.

Wednesday, 10 October 2018

IMF: No-deal Brexit threatens global financial stability.

International Monetary Fund (IMF)
Managing Director Christine Lagarde. Photo: Reuters

The International Monetary Fund (IMF) warned that Brexit is one of the biggest risks for global financial stability.

As part of its new Global Financial Stability Report, the IMF said on Wednesday that financial institutions to “step up their preparations for a post-Brexit landscape” and prepare for the worst case scenario — a no-deal Brexit, also known as a hard Brexit. 

This type of disorderly Brexit is where the UK crashes out of the European Union without any agreements in place. That would throw into question the rules surrounding cross-border trade, immigration, and financial services. The IMF said that financial institutions need to look at measures for a no-deal Brexit “in as much detail as possible.”

By Lianna Brinded.
Full story at Yahoo News.

Tuesday, 9 October 2018

The rich-poor gap is getting worse under Trump.

Don’t worry, they’ll be fine.
Source: Getty Images

Middle-class families are doing a little bit better under President Trump. Jobs are plentiful in many places and incomes are finally starting to rise by more than inflation.

But income inequality in the United States is getting worse, and Trump’s policies have something to do with it, according to new research from Moody’s Investors Service, the bond-rating agency. While middle-income earners got a modest tax cut from last year’s Tax Cuts and Jobs Act, higher earners got a much larger windfall. And that comes as other forces have been widening the gap between the rich and the rest.

The result could be even more political upheaval than we’ve seen during the Trump reign, beginning, perhaps, with the midterm elections next month. “Should inequality go unaddressed,” the Moody’s report asserts, “social tensions will continue to rise, leading to a more fractious political landscape that increases political risk, and with it a less predictable policy environment.”

By Rick Newman.
Full story at Yahoo News.

Monday, 8 October 2018

Brexit uncertainty is "starting to bite" for UK firms - surveys.

FILE PHOTO: The Canary Wharf financial district is
reflected in the river Thames on a sunny morning in
London, Britain, May 8, 2018. REUTERS/Hannah McKay/File Photo

LONDON (Reuters) - Britain's businesses are suffering from Brexit-related uncertainty as exports slow, recruitment difficulties mount and investment plans are scaled back, two surveys showed on Monday.

The British Chambers of Commerce said its survey of 5,600 companies, the largest of its kind in Britain, showed services firms were having the most trouble finding staff since the survey began in 1989, and growth in factory exports was the slowest since late 2016.

"These figures reinforce what we are hearing from businesses up and down the country -- the uncertainty over Brexit, and the lack of bold moves to boost business at home, are starting to bite," BCC director general Adam Marshall said.

By David Milliken.
Full story at Yahoo News.

Friday, 5 October 2018

Nigeria's state oil firm posts N18.12 billion trading surplus.

The report indicated that the increase in performance was bolstered by the relatively high production volumes of 1.97 million barrels per day in April 2018.

Nigeria's state oil firm, Nigerian National Petroleum Corporation (NNPC), has announced a trading surplus of N18.12 billion for May 2018.

The surplus is higher than the N17.16 billion recorded in April.

Ndu Ughamadu, the firm's spokesperson, stated this in a statement on the May 2018 edition of the monthly NNPC Financial and Operations Reports, released in Abuja on Monday, October 1, 2018.

By Aderemi Ojekunle.
Full story at Pulse NG.